Energy markets were mixed on Tuesday with advancing crude and Brent oil and falling heating oil and natural gas. Energy commodities received strong stimulus after the EU nations finally agreed on the long-awaited Greek bailout. Moreover, continuous geopolitical tensions across Iranian nuclear program significantly weighted up on the Brent and crude oils. Potential conflict between Iran and Israel or US
Industry metals soared on Tuesday after EU leaders finally agreed on the extended Greek bailout package. However, the gains were limited due to weak China's demand. Traders also await China's PMI data due on Wednesday. At the same time, copper, the main driver of the commodity group, may seek further support from falling LME inventories and production disruptions in Chile's
Precious metals rallied on Tuesday after international lenders reached an agreement on the Greek bailout. Broadly weaker US Dollar and successful bond sales both provided additional support for precious metals jump. Gold gained 2.08% as some indications of monetary easing lifted the yellow metal's price. At the same time, gold being an inflation hedge was backed up by the lingering
German DAX index extended losses on Wednesday as investors kept worrying Greece may struggle to implement tough austerity measures. Moreover, Euro Zone PMI dropped to 49.7 instead of expected increase to 50.8 and Fitch cut Greece sovereign rating to C. Deutsche Luft and Commerzbank put the main downward pressure on the index edging down 2.2% and 1.7%. At the moment
Grain commodities faced some losses after Tuesday's rally as news as stronger China's demand for US grain exports appeared to create short-living momentum. At the same time, sugar and coffee show relative stability posting slight gains over the week. Sugar continues moving up even despite expected oversupply in the market in the current season. Coffee advanced despite fears that current
British FTSE 100 index maintained downward trend on Wednesday as Euro Zone Purchasing Manger Index unexpectedly fell in February, renewing worries about recession risk and Fitch Ratings downgraded Greece from CCC to C. Vedanta Resource provided the main negative contribution to the index, giving up 4.8%. On the negative side were also Marks& Spencer and Carnival Corp, dropping 1.6% and
S&P 500 index traded almost flat on Tuesday as investors returned from holiday. US stock index climbed 0.07% or 0.98 points and finished at 1,362.21 supported by oil shares. Marathon Oil surged 2.3% and Tesoro Petroleum gained 2%. Wynn Resorts jumped 6% on news it will purchase Japanese gambling giant Kazuo Okada's 20% stake at a large discount. Netflix tumbled
Japan's Nikkei Stock Average ended higher on Wednesday, lifted by sharp depreciation of Yen against greenback. Nikkei 225 gained 0.97% or 91.60 points and settled at 9,554.62 with exporters posting the biggest gains due to appreciating US Dollar. Toyota Motor and Honda Motor each added 2% and Nissan Motor climbed 2.3%. The biggest Japanese oil exporter Inpex Corp accelerated 1.4%
Dow Jones Industrial Average index finished slightly higher on Tuesday supported by approved Greek debt deal, though investors remained cautions about country's long term outlook. Blue chip index added 0.12% or 15.82 points and settled at 12,965.69 with Wal-Mart stores declining most as retailer reported quarterly results which missed expectations. In contrast stock of Kraft Foods advanced 1.5% after company
Hong Kong's Hang Seng index finished modestly higher on Wednesday Hang Seng index added 0.33% or 70.56 points and closed at 21,549.28 led by property companies. China Overseas Land & Investment added 2.8% and China Resources Land climbed 2.9%. Gains were limited as HSBC preliminary gauge showed China's manufacturing may decline in February. Among major decliners were Li & Fung
The approval of Greece's rescue package has provided European officials with time to persuade investors they are able to implement both fiscal discipline and growth. Italian and Spain borrowing costs fell on the Greek agreement. Yields for 10-year Spanish notes declined to 5.08% compared to 6.7% in November while Italian 10-year borrowing costs diminished below 5.4% compared to 7.1% in
China is set to increase exports to emerging economies to reduce its vulnerability to shocks in the developed markets, said Zhong Shan, Deputy Minister of Commerce. China will try to raise its exports to 30 countries like India and South Africa. The closer attention will be put to countries with large resources and big populations coupled with important strategic positions,
Purchasing Managers Index (PMI), which measures private sector activity unexpectedly declined in February. The index fell from 50.4 in January to 49.7 in February. Economists questioned by Dow Jones Newswires predicted an improvement to 50.8. Service PMI dropped from 50.4 to 49.4 while manufacturing PMI climbed from 48.8 to 49.0.
Japan's sales in the supermarkets decreased by 1.2% in January on a yearly basis, approaching JPY 1.125 trillion. The sales posted sixth yearly fall this month, reported the industry group. The pace of decrease accelerated last month from 0.6% decline in December. However, including recently opened stores, the revenue added 3.5% in January.
Gold prices were almost unchanged on Wednesday as speculation that the sum of the Greek rescue package is not enough to stabilize Greece's economy undermined investors' confidence. COMEX gold April contract traded at 1,758.65 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.01%.
Western Australia plans to launch a state-owned investment fund in an attempt to invest profits from mining boom. The state, which is the owner of large mineral deposits, faced sharp growth in revenues due to strong demand from emerging Asian markets. The further details regarding sovereign wealth fund are expected to be announced in May.
French CPI decreased by 0.4% last month after jumping by 0.4% in the preceding month. Considering yearly changes, the indicator added 2.3% last month. The decline in the CPI resulted from fall in manufacturing products' prices. However, growing energy prices limited the decline in the CPI. At the same time, on a seasonally adjusted basis, the CPI added 0.2% on
Kevin Rudd quitted as Australia's foreign minister in order to candidate in premier elections and challenge current PM Julia Gillard. The country's first female PM is struggling to get support from Labour party as her ratings fluctuates near record low. Rudd is well known for his autocratic way of leading.
US stocks indices were little changed on Tuesday as debt deal approval was offset by earnings reports. S&P 500 gained 0.07% or 0.98 points and finished at 1,362.21, Dow Jones Industrial Average index added 0.12% or 15.82 points and settled at 12,965.69 while Nasdaq Composite slipped 0.11% or 3.21 points to 2,948.57.
Although Greece received a second bailout package on Monday, European equity markets finished lower on Tuesday as investors turned their attention to nation's long term debt problems. European Stoxx Europe 600 index dropped 0.5%, British FTSE 100 index ended 0.3% down and French CAC 40 index slipped 0.2%. German benchmark DAX index fell 0.6% and Greek Athens General index plunged 3.47%.
The number of jobs in US construction sector climbed in December, driven by hiring in remodelling. The employment in remodelling sector accelerated 5.8% in December reaching 250,700 jobs compared on yearly basis. This monthly grow is the fastest since December 2006. Analysts expect further hiring expansion in construction.
Indian sugar export for 2011-12 are expected to be pressured by the global surplus of sugar output. The estimated surplus for the country is between six and eight million tons, reported the Rabo Bank. India is expected to produce 26 million tons of the commodity while consumption is likely to round at 22 million tons. Meanwhile, global sugar surplus is
Dell has announced 18% fall in its profits in Q4 of 2011 and expects further decline in revenues in this quarter thus escalating concerns that PC sector has not yet recovered after recession. Net income for the last quarter tumbled to 764 million US Dollars as compared to 927 million US Dollars in the previous year. After the company reported
Crude oil futures decreased amid escalated concerns over the Greek bailout as experts claim 130 billion Euros will not be enough to rescue the country. Moreover, expected increase in the US crude oil stockpiles added pressure to the energy commodity price. Light, sweet crude oil contract for April delivery traded at 105.88 US Dollars per barrel, on the New York